EMUDHRA
eMudhra share price & financials
- Price
- ₹448.1
- Market cap
- ₹4.3k Cr
- Sector
- Information Technology
- Calls analysed
- 8
eMudhra Limited Q1 FY27
What went well
- Total income grew 28% YoY to INR 1,925 million, reflecting a strong start to FY27.
- EBITDA increased over 40% YoY to INR 504 million, with EBITDA margin expanding to 26.2%.
- Profit after tax grew 28% YoY to INR 320 million, maintaining a healthy PAT margin of 16.6%.
What to watch
- Trust Service business experienced a temporary decline due to the transition to a new global security standard for digital signature tokens, impacting demand for legacy tokens.
- Cryptas, while improving, was not profitable initially, and the European subsidiary (B.V.) incurred a net loss of INR 4 crores due to legal expenses, though expected to turn profitable in FY27.
What eMudhra Limited does
eMudhra is a licensed Certifying Authority that issues digital signature certificates, SSL/TLS certificates and eSignatures, and builds proprietary software platforms for certificate lifecycle management, identity and access management, and paperless document workflows. It earns through three lines: Trust Services (issuing DSC/eSign/SSL certificates via its own CA and the Primesign/Cryptas subsidiary in Europe), Enterprise Solutions (licensing its emCA, Certinext, SecurePass and emSigner platforms for cybersecurity and paperless transformation), and Services (consulting and product integration delivered through its US units Ikon and TWO95). It serves banks, governments, defence agencies and enterprises across India and international markets including North America, Europe, the Middle East, Africa and Asia-Pacific.
Segments
- Enterprise Solutions
- Trust Services
- Services
- Employees worldwide
- 850+
- Countries served
- 35+
- Global office locations
- 15
- Enterprise customers
- 1,000+
- Channel partners
- 100,000+
- Proprietary platforms
- 4 (emCA, Certinext, SecurePass, emSigner)
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 4 delivered 5 missed 10 open- Cryptas Acquisition Profitability delivered said Q1 FY26 Promised: 20% EBITDA kind of margins over next 2-3 years Q1 FY27: Remains achieved. Q1 FY27 results show Cryptas contributed INR 200M revenue and is expected to be profitable for the full year FY27.
- FY25 Total Revenue went quiet said Q2 FY25 Promised: around INR 500 crores Q1 FY27: Promise period has passed.
- FY27 Trust Services Growth diluted said Q4 FY26 Promised: 20% Q1 FY27: Guidance revised down to 15-20% per year. Q1 FY27 growth was only 5% YoY due to regulatory headwinds.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.9%, net profit up 28.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 139 | 147 | 147 | 173 +23% | 188 +35% | 193 +31% | 191 +30% |
| EBITDA | 32 | 30 | 35 | 35 | 41 +28% | 41 +37% | 42 +20% | 50 +43% |
| Net profit | 22 | 22 | 24 | 25 | 26 +18% | 29 +32% | 30 +25% | 32 +28% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −28.4% 1Y
1Y: ₹689.65 on 10 Sept 2025 → ₹494.05. High ₹695.05 (12 Sept 2025), low ₹374.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.5%
- 30 Jul
- Q4 FY26
- +6.7%
- 7 May
- Q3 FY26
- +7.6%
- 3 Feb
- Q2 FY26
- −1.1%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 41.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹248 Cr | ₹373 Cr | ₹519 Cr | ₹701 Cr |
| Operating profit | ₹88 Cr | ₹110 Cr | ₹124 Cr | ₹159 Cr |
| Operating margin | 35.5% | 29.5% | 23.9% | 22.7% |
| Interest | ₹3 Cr | ₹2 Cr | ₹1 Cr | ₹5 Cr |
| Depreciation | ₹16 Cr | ₹21 Cr | ₹24 Cr | ₹34 Cr |
| Net profit | ₹61 Cr | ₹76 Cr | ₹86 Cr | ₹110 Cr |
| Net margin | 24.6% | 20.4% | 16.6% | 15.7% |
| Cash from operations | ₹34 Cr | ₹73 Cr | ₹102 Cr | ₹133 Cr |
| Free cash flow | ₹-28 Cr | ₹-1 Cr | ₹18 Cr | ₹-52 Cr |
| ROCE | 24.0% | 18.0% | 15.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹35 Cr | ₹35 Cr | ₹37 Cr | ₹40 Cr | ₹41 Cr | ₹41 Cr |
| Reserves | ₹72 Cr | ₹118 Cr | ₹354 Cr | ₹616 Cr | ₹772 Cr | ₹870 Cr |
| Borrowings | ₹51 Cr | ₹67 Cr | ₹25 Cr | ₹8 Cr | ₹16 Cr | ₹29 Cr |
| Other liabilities | ₹33 Cr | ₹39 Cr | ₹43 Cr | ₹86 Cr | ₹250 Cr | ₹274 Cr |
| Total liabilities | ₹192 Cr | ₹259 Cr | ₹460 Cr | ₹750 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Fixed assets | ₹125 Cr | ₹117 Cr | ₹162 Cr | ₹253 Cr | ₹654 Cr | ₹727 Cr |
| Capital work in progress | ₹4 Cr | ₹43 Cr | ₹47 Cr | ₹51 Cr | ₹20 Cr | ₹29 Cr |
| Investments | ₹14 Cr | ₹0 Cr | ₹21 Cr | ₹4 Cr | ₹48 Cr | ₹46 Cr |
| Other assets | ₹49 Cr | ₹99 Cr | ₹230 Cr | ₹443 Cr | ₹357 Cr | ₹411 Cr |
| Total assets | ₹192 Cr | ₹259 Cr | ₹460 Cr | ₹750 Cr | ₹1.1k Cr | ₹1.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Mutual funds in EMUDHRA
Filings to Aug 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +0.62 L shares (+1.1%).
- Held by funds
- ₹306 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹280 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹280 Cr | +0.62 L | May '22 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹25 Cr | held | Dec '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 0 trimmed — net +62,291 shares (+1.1%)
- Funds are sitting on
- +27%
- vs est. average cost
- Held by funds
- ₹306 Cr
- 2 schemes · ≈ 5.9% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹280 Cr · 0.3% of that fund
Shares held by these funds +39%
Aug '23 55.15 L shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹494, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹376 — downside of 24%.
- Growth the price implies
- 23.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 21.7% a year
- net profit, FY23–FY26 · EPS 18.1%
- The gap
- 0.1 pp
- -24% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse eMudhra Limited
Guides on how to read this kind of business and the numbers that matter.